Nucor to Acquire Independence Tube Corp.

Nucor Corporation announced today that it has agreed to acquire Independence Tube Corporation (ITC), a leading independent manufacturer of hollow structural section (HSS) steel tubing, for $435 million, or approximately 6x average EBITDA over the 2013-2015 period.

“Independence Tube is a natural fit with Nucor. Their business model is similar to ours with extremely efficient manufacturing facilities and a highly variable cost structure. Our companies’ cultures are also similar, sharing a belief in continual improvement, operating efficiency and the value of our employees,” said John Ferriola, Chairman, CEO and President of Nucor. “This acquisition is another important step in our long-term strategy to increase the number of value-added products we can offer our customers. It also adds to our portfolio another growth platform for our team to use to grow our company.”